Small and Medium Business owners need to be aware of the GST rates and HSN codes related to the products they use or sell. In this article, we will be discussing the GST rates and HSN code for Bitumen and Asphalt.
Bitumen and Asphalt are the same thing - a highly viscous, black or dark brown material that is commonly used for road surfacing, roofing, and waterproofing. It is a form of petroleum that is separated from crude oil during the refining process. Due to their excellent waterproofing properties, Bitumen and Asphalt are commonly used in construction to protect buildings from moisture and water damage.
The GST rate for Bitumen and Asphalt is 18%. This rate is applicable to all types of Bitumen and Asphalt products, including Bitumen emulsion, Bitumen primer, Bitumen mastic, and Asphalt mixtures. This rate is subject to change as per the GST council regulations.
The HSN code for Bitumen and Asphalt is 2714. This code is applicable to all types of Bitumen and Asphalt products, including crude Bitumen, Bitumen emulsions, and Asphalt mixtures.
Small and Medium Business owners must be aware of the GST rates and HSN codes related to the products they use or sell. The GST rate for Bitumen and Asphalt is 18%, and the HSN code is 2714. It is important to keep these codes in mind while filing tax returns or submitting invoices for Bitumen and Asphalt products.
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